The Soundview Housing ProjectsA multi-phase, new construction affordable housing development
Soundview Housing is a three-phase development awarded to Lemle & Wolff and its development partners under a Request for Proposals issued by the New York City Housing Authority and New York City Department of Housing Preservation & Development. In total, the $95 million project will create 222 affordable housing units in separate buildings for families, seniors, and homeowners on under-utilized NYCHA property in the Soundview neighborhood of the Bronx.
Lemle & Wolff is the developer and property manager of Phases I & II in a partnership with CPC Resources, Inc., L&M Development Partners, and the New York City Housing Partnership Development Corporation. Phase III, the homeownership component of the project, is a joint venture between Lemle & Wolff and L&M.
Phase I: Soundview Family consists of 120 one-, two-, and three-bedroom apartment units in an eight-story building adjacent to Soundview Park. This first phase of the project closed on financing and started construction in June 2013. Occupancy is scheduled for fall 2015.
Phase II: Soundview Senior will provide 86 one-bedroom apartments for low-income seniors in an eight-story building adjacent to the Soundview Family property. The project has a 15-year project-based Section 8 contract from NYCHA. Occupancy for this building is scheduled for mid-2016.
Both Phases I & II are financed through the New York City Housing Development Corporation’s (HDC) LAMP program and the New York City Housing Preservation & Development’s (HPD) Low Income Rental program. Wells Fargo purchased the Low Income Housing Tax Credits (LIHTC) and provided credit enhancement for the tax-exempt bonds. Additional funding was provided by the Bronx Borough President’s office and the New York City Council.
Phase III: Soundview Homeownership consists of 16 two-family townhomes to be built next to the senior building. The project is in the pre-development stage with a construction closing anticipated for 2016.
Total Units: 222
Total development Cost: $95 million